Adopted by House 3-10-2010
SB42 HFIN AMT 3-5McOS. B. 42 -- "A BILL to amend and reenact §8-38-3, §8-38-4, §8-
38-5, §8-38-7, §8-38-10, §8-38-12, §8-38-15, §8-38-16, §8-38-17 and
§8-38-20 of the Code of West Virginia, 1931, as amended, all
relating to revising the Municipal Economic Opportunity Development
District Act generally; enlarging the types of municipal
corporations that may use sales tax increment financing to finance
certain economic development projects to any Class I, Class II and
Class III city and any Class IV town or village; including
remediation of former coal mining sites as a permissible
development expenditure for a project; changing standard by which
the maximum amounts of reserves that may be established in the
financing of a project are measured; suggesting that the
development office should consider whether the economic development
that a project enables is large enough to require that it contain
mixed use development consisting of a housing component with at
least ten percent of housing units in the district allocated for
affordable housing when determining whether there is a pressing
need for the project; defining affordable housing; and allowing the
development office to reduce the minimum amount of local sales tax
revenues that would be deposited into the state's general revenue
fund in certain circumstances.".